Consumers blame corporate ‘greedflation’ as soaring prices help companies rake in record profits

  • 📰 WashTimes
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 63%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

Companies say they’ve raised prices in the COVID era to keep up with soaring production costs. But new research shows most consumers believe they are jacking them up more than necessary.

The trend has been dubbed “greedflation.” And an unlikely but growing alliance of shoppers, liberals and market-limiting conservatives say it explains why corporations are making record profits while presenting themselves as beleaguered.

The survey comes after companies in last year’s Fortune 500 reported an all-time high of $1.8 trillion in profits on $16.1 trillion in revenue, despite inflation soaring to a four-decade high of 9.1% in 2022. And the Biden administration’s efforts to reduce U.S. reliance on natural gas by promoting clean energy alternatives like electric stoves to consumers have not made things cheaper, he added.

In a recent opinion piece, Albert Edwards, a global strategist at Société Générale, blamed such practices on an “unprecedented” and “astonishing” rise in corporate greed during the pandemic. As more analysts blame price gouging for inflation, some say the government needs to impose temporary price controls.The problem with the greedflation theory is that greed remains constant regardless of prices rising or falling, said Ryan Young, an analyst at the libertarian Competitive Enterprise Institute. He blames the “runaway spending” of the federal government’s pandemic relief efforts for the price hikes.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 235. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tomlinson: Texas attacks on DEI, tenure, CRT will hurt economy, scare companiesTexas bills banning diversity programs to protect white privilege will damage the state's economy
Source: HoustonChron - 🏆 609. / 51 Read more »

How to Spot Greenwashing: When Companies Aren’t as Green as They ClaimCompanies, countries and organizations are attracting consumers and investors with promises to be more environmentally friendly. But what happens when they fall short?
Source: WSJ - 🏆 98. / 63 Read more »